All businesses have their challenges, but some issues oil and gas executives have faced in 2018 are unique. Here are some roadblocks this industry has seen this year.
The consumer attention towards alternative forms of energy, including renewable energy and hybrid technologies, has caused some concern in the oil and gas markets. The competition is fierce, and it can no longer be assumed customers will default to natural gas heating in their cars or gasoline-powered cars. Understanding the changes in the market, as well as focusing on modernizing messaging and embracing certain energy-efficiency attitudes, will be key to continued success.
Many businesses have embraced the digitization of their assets. Marketing agencies, for instance, have turned to digital advertising over print and other traditional forms of media.
Embracing new technology will have an impact on oil and gas companies, too. Because of the size of framework, the number of supply components, and the size of oil and gas organizations, however, it can be much slower for the energy industry to adopt technology. One hugely beneficial technology is the advancement of automation, particularly when it comes to infrastructure construction, equipment maintenance, and other highly repetitive tasks. As more energy organizations equip themselves with and enable automation, they are likely to see significant productivity increases.
Recruiting and retaining employees has been one of the biggest challenges for many oil and gas companies nationwide. A higher percentage of 30-and-under employees in the general workforce has presented several obstacles for more traditionally structured oil and gas companies looking to hire. More and more employees are looking for a flatter organizational structure and more involvement in decision making. Additionally, while the compensation across the energy industry is typically very competitive, millennials are looking for careers with more collaboration and other work-life balance benefits, as opposed to strictly being financially compensated.
One way to overcome this particular issue is to address your business culture and make sure it’s friendly for all generations in the workforce. It might be beneficial to work with a consultant to help create elements or employee programs within your organization that can help address the current climate. Additionally, you can find more qualified, motivated talent when you work with a staffing company that has the right industry connections and expertise.
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While the oil and gas industry will likely continue to face challenges, continued innovation and strong partnerships will help executives see greater success and the industry continue to grow. Contact our executive search experts today!